Home Décor - G20 | Statista Market Forecast

In 2024, the revenue generated in the Home Décor market Segment in G20 countries amounts to an impressive US$95.73bn.
According to projections, the market is expected to grow annually by 3.46% from 2024 to 2029 (CAGR 2024-2029).
When comparing the global market, it is noteworthy that United States leads the way, generating a significant revenue of US$35bn in 2024.
In terms of per capita figures, the Home Décor market Segment in G20 countries generates approximately US$27.04 in revenue per person in 2024.
In India, the home décor market is experiencing a surge in demand for traditional handicrafts and sustainable materials.

Definition:

The Home Decor segment includes a variety of accessories and furnishings used to make a space more aesthetically appealing. Items in this segment can be found in virtually every room within the home and are typically used to showcase one’s unique style and creativity.

Structure:

The Home Decor segment is divided into four subsegments:

The Decorations subsegment refers to a variety of decorative items that are used to enhance the aesthetics of indoor spaces, such as wall art, decorative objects, vases, and sculptures
The Carpets & Rugs subsegment refers to products designed to cover and enhance the flooring of indoor spaces. These products range from large area rugs to small accent rugs, and are available in a variety of materials, colors, patterns, and textures, providing both functional and aesthetic value to the space.
The Candles subsegment covers decorative and aromatic wax-based products that are commonly used to provide mood lighting and fragrance to indoor spaces.
The Curtains & Blinds subsegment includes products designed to cover windows and regulate the amount of light that enters a room. This segment encompasses a wide range of styles and materials, from traditional drapes and blinds to modern shades and screens.

Additional Information:

The Home Decor segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Candles
Curtains
Carpets & Rugs
Decorative Accessories

Flameless & Floating Candles
Shower Curtains
Smart Blinds
Clocks
Plants
Mirrors

The Home Décor market in G20 countries is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive momentum.

Customer preferences: play a crucial role in shaping the Home Décor market in G20 countries. Consumers are increasingly seeking personalized and unique products to enhance their living spaces. They are looking for home décor items that reflect their individual style and taste. This has led to a rise in demand for artisanal and handmade products, as well as customizable options. Additionally, there is a growing interest in sustainable and eco-friendly home décor items, as consumers become more conscious of their environmental impact.

Trends in the market: are also driving the growth of the Home Décor industry in G20 countries. One prominent trend is the increasing popularity of online shopping for home décor products. e-commerce platforms provide consumers with a wide range of options and convenient shopping experiences. This trend has been further accelerated by the covid-19 pandemic, as more people turn to online shopping due to social distancing measures. Another trend is the integration of technology in home décor products. Smart home devices and iot-enabled home décor items are gaining traction, offering consumers new ways to enhance their living spaces.

Local special circumstances: in each G20 country also contribute to the development of the Home Décor market. Cultural influences and design traditions play a significant role in shaping consumer preferences. For example, countries with a rich history of craftsmanship, such as Italy and India, have a strong market for traditional and artisanal home décor products. Additionally, economic factors such as income levels and urbanization rates impact the demand for home décor. As disposable incomes rise and more people move to urban areas, the demand for home décor products increases.

Underlying macroeconomic factors: further support the growth of the Home Décor market in G20 countries. Favorable economic conditions, such as gdp growth and low unemployment rates, provide consumers with the confidence and means to invest in their homes. Additionally, urbanization and population growth contribute to the expansion of the housing market, creating opportunities for the home décor industry. Moreover, government initiatives and policies that promote the growth of the housing sector and support small businesses also play a role in driving the Home Décor market. Overall, the Home Décor market in G20 countries is experiencing growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers seek personalized and unique home décor products, the industry is responding with a wide range of options. The integration of technology and the rise of online shopping are also shaping the market. Cultural influences, economic factors, and government initiatives further contribute to the positive momentum of the Home Décor market in G20 countries.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.